What Happens When a Tenant Breaks a Lease?

Tenants represent your income stream, which is why all landlords need to put language in their lease agreements discussing what will happen if a tenant breaks their lease. Still, you’ll almost surely encounter tenants who want to leave their lease early, so what are your options when that happens?

Know Your Rights

It’s important to know the local laws regarding rental properties. That way, you know you have the legal backing to enforce the language in your lease agreement that deals with breaking a lease. A lease is a legally binding agreement meant to protect you and your tenant—it’s there for a reason.

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How Long Does Tenant Turnover Typically Take?

As a rental property owner, the last thing you want is an empty unit—every day without a tenant is a day of rent lost. But how long does it take to get your property ready for a new renter? 

The answer to that question depends on the specifics of your property. Here are some of the things you need to consider when assessing how long you should expect the tenant turnover to take.

Previous Tenants

Generally, the longer a tenant has lived in a property, the more likely it is that you’ll need to do some work. Painting, cleaning, and minor repairs are almost inevitable, and there’s a higher likelihood you may need to make some significant repairs as well. 

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Why Would a Landlord/Investor Want or Need a Property Manager?

Renting out your own property can be a financially rewarding investment. However, as you may quickly find out, it can also be disproportionately time-consuming.

That is exactly where a property manager can come in handy. While you can certainly choose to manage your property by yourself (if you have the free time), it can quickly become impractical for the average owner to do so. After all, who has the time to set rent, collect rent, screen new tenants, schedule maintenance, and manage budgets all day?

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